Section 20 - Amendment of Section 49 - Finance (No. 2) Act, 1967

20. Amendment of Section 49 Section 49 of the Income-tax Act shall be re-numbered as sub-section (1) thereof, and - (i) in sub-section (1) as so re-numbered, - (a) in sub-clause (e) of clause (iii), after the word, brackets and figure clause (v) , the words, brackets and figures or clause (vi) shall be inserted; (b) in the Explanation, for the word section , wherever it occurs, the word sub-section shall be substituted; and (ii) after sub-section (1) as so re-numbered, the following sub-section shall be added, namely :- (2) Where the capital asset being a share or shares in an amalgamated company which is an Indian company became the property of the assessee in consideration of a transfer referred to in clause (vii) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the share or shares in the amalgamating company. .